Best bank 2025: ICBC
Amid industry-wide compressed interest margins and sluggish loan demand, ICBC deployed its vast balance sheet strategically to support China’s economic recovery. The world’s largest bank by assets grew total assets 9.2% to Rmb48.8 trillion ($6.8 trillion), channelling capital into high-growth sectors even as traditional lending weakened.
Manufacturing loans jumped 13.7% while green finance surged 19.1%. The bank aggressively courted smaller enterprises – inclusive loans soared 29.9% and coverage of “little giants” firms rose three percentage points. These specialised small and medium-sized enterprises, known for their niche market dominance and innovative technologies, represented ICBC’s bet on China’s future growth engines.
This strategic pivot yielded results. Despite net interest income declining 2.7%, ICBC maintained profitability with net profit edging up 0.5% to Rmb366.9 billion. Asset quality strengthened markedly – the non-performing loan ratio fell to 1.34% while provision coverage climbed to 214.91%, bolstering the capital adequacy ratio to 19.39%, robust among global systemically important banks.
Market confidence followed. A-shares and H-shares surged 44.8% and 36.4%, respectively, validating ICBC’s transformation strategy.
ICBC’s boldest move was in technology, where the bank pioneered a hundred-billion-parameter AI model now serving more than 200 business scenarios. Fintech investments reached 3.63% of operating income, and fintech personnel made up 8.6% of staff – firmly positioning ICBC at the forefront of China’s digital banking transformation.
International expansion continued through its 408 overseas institutions across 49 countries and regions. Cross-border Renminbi business hit Rmb9.8 trillion as ICBC leveraged its global network to support China’s financial opening – a strategic advantage as geopolitical tensions reshape global banking flows.
Best investment bank 2025: Citic Securities
Citic Securities claimed China’s best investment bank title in 2024, excelling across equity capital markets, debt capital markets, and mergers and acquisitions – the trinity of investment banking metrics.
In equity markets, the firm led 55 deals worth Rmb70.4 billion ($9.8 billion), capturing 22% market share despite tighter capital market conditions. Its landmark transaction came in July 2024 when it advised and underwrote Haohua Technology’s Rmb7.2 billion acquisition of Sinochem Lantian – both subsidiaries of state-owned Sinochem Holdings. The complex restructuring, executed through A-share issuance, consolidated the chemical giant’s operations while raising an additional Rmb4.5 billion via private placement. This deal exemplified how China’s sprawling state-owned enterprises are streamlining their structures to enhance efficiency and competitiveness.
In debt markets, Citic underwrote Rmb2.1 trillion across 5,088 deals, commanding 7.15% market share and outpacing commercial banks that historically dominated this space. The firm’s ESG debt underwriting doubled to Rmb151.3 billion while the market grew just 50%. A standout achievement was the landmark Rmb10 billion China Baowu Steel bond – China’s first issuance to combine technological advancement, low-carbon transformation and Belt and Road initiatives. Priced at 2.45% for three years, it represents the largest credit bond issuance in China since 2019 and sets a new precedent for sustainable financing.
M&A advisory reinforced Citic’s leadership, with 40 completed deals totalling Rmb152.1 billion. Notable transactions included Mindray Medical’s groundbreaking acquisition of APT Medical – the Sci-Tech Innovation Board’s first A-share-to-A-share takeover – and aerospace giant AVIC’s record-breaking Shenzhen exchange restructuring.
Citic distinguished itself by pioneering new financing structures amid regulatory evolution. Its sci-tech bonds for private enterprises like Xiaomi, priced at just 2%, opened vital funding channels for China’s innovation economy. This comprehensive strength across all investment banking disciplines secured Citic Securities’ position at the pinnacle of China’s financial markets.
Best investment bank for DCM 2025: Deutsche Bank
As China’s interest rates plummeted to historic lows, international issuers rushed to tap renminbi funding channels. Deutsche Bank seized this opportunity, carving out a commanding position in China’s debt capital markets in 2024. The German bank underwrote 48 corporate bond issuances totalling Rmb28.9 billion ($4 billion) in the China Interbank Bond Market, marking a 60% surge in deal count and 49% jump in underwriting volume from 2023.
This growth reflected Deutsche Bank’s unique positioning as one of the first fully licensed foreign banks in China’s interbank bond market. While many international banks struggled to navigate China’s complex regulatory landscape, Deutsche Bank leveraged its decades-long presence and deep regulatory relationships to capture market share.
The bank’s dominance in Panda bonds – renminbi-denominated bonds issued by foreign entities in China – proved particularly decisive. Deutsche Bank established itself as one of the most active market makers and investors in this rapidly growing segment, offering international issuers a complete ecosystem that domestic competitors couldn’t match. Its Shanghai trust and agency services team handled the mandatory non-resident settlement accounts and foreign remittance administration, creating a seamless one-stop shop for Panda bond issuances.
United Overseas Bank’s landmark Rmb5 billion Panda bond exemplified Deutsche Bank’s approach. As joint lead underwriter, the German bank helped orchestrate UOB’s return to the Panda market after a five-year hiatus. The three-year bond, priced at an attractive 2.3% coupon, became the largest three-year Panda bond from a foreign financial institution. Strong investor appetite drove the order book to 1.7x oversubscription, validating Deutsche Bank’s distribution capabilities.
Deutsche Bank’s position as the largest dealer in offshore deliverable CNH cross-currency swap markets provided another crucial advantage. This allowed the bank to offer superior pricing and hedging solutions to international clients seeking renminbi exposure, reinforcing its primary market strength.
The bank’s integrated platform, combining origination, syndicate and sales teams, delivered excellent results throughout 2024. Regular dialogue with Chinese regulators enabled Deutsche Bank to provide clients with real-time regulatory feedback and capture fleeting market windows, cementing its status as the premier foreign bank for renminbi bond issuances.
Best investment bank for M&A 2025: UBS
UBS emerged as the dominant force in China’s mergers and acquisitions landscape in 2024, orchestrating $30.5 billion worth of announced transactions – a staggering 402% surge from the previous year.
This explosive growth propelled the Swiss bank past traditional rivals, capturing 8.5% market share across 15 deals. Fee income surged to $30 million across eight transactions, representing 5.8% market share and 60% growth year-over-year.
The Guotai Junan Securities absorption of rival Haitong Securities exemplified UBS’s expertise. Serving as exclusive H-share financial adviser, UBS navigated a transaction involving seven listed entities across mainland China and Hong Kong exchanges. The merger created China’s second-largest securities firm by assets and marked the first major consolidation following Beijing’s directive encouraging top brokerages to bulk up. As the largest merger between Hong Kong-listed Chinese companies in 15 years and the biggest securities company M&A globally since 2009, the deal closed in just 191 days – dubbed “the speed of Shanghai” by local media.
UBS’s key differentiator lay in its ability to seamlessly execute cross-border transactions. The bank advised Swiss industrial firm Arbonia on its €760 million ($888 million) climate division sale to Chinese home appliance giant Midea, while guiding Jiangsu Shagang through the $1.3 billion sale of Global Switch’s Australian data centres to HMC Capital, capitalising on surging demand for digital infrastructure.
In healthcare, UBS steered British multinational Haleon’s $637 million acquisition of additional stake in its Chinese joint venture – the sector’s second-largest cross-border deal of 2024. This breadth of execution, spanning industries and geographies, demonstrated UBS’s unique positioning as Chinese companies increasingly looked beyond domestic borders for growth opportunities while international firms sought deeper access to China’s vast market.
Best investment bank for ECM 2025: China International Capital Corporation (CICC)
When China’s equity markets plunged in 2024, China International Capital Corporation (CICC) pivoted decisively towards cross-border transactions, guiding Chinese enterprises to offshore markets for funding. This strategic shift solidified its position as China’s premier equity capital markets franchise.
While maintaining domestic strength – including leading the year’s largest A-share equity financing for Sinopec – CICC’s defining achievement came through capturing the wave of A-share companies seeking Hong Kong dual listings. The firm dominated this emerging trend, exemplified by Midea Group’s $4.6 billion ($641 million) offering, Hong Kong’s largest IPO in three years and the first H-share listing completed under China’s new overseas filing regime. CICC transformed market perception of the appliance manufacturer, repositioning it as a global technology company while securing full subscription commitments before bookbuilding commenced.
This cross-border expertise translated into extraordinary market share gains. CICC captured 34% of Hong Kong’s IPO sponsor market with $3.8 billion in deals, surging from 21% the previous year – a 213% increase in underwriting value, even as overall market activity declined. The firm simultaneously dominated US listings for Chinese issuers, ranking first among Chinese investment banks and participating in three of the five largest offerings.
Innovation permeated CICC’s execution. The firm sponsored groundbreaking transactions including Cirrus Aircraft’s debut as the world’s first personal aircraft IPO and Black Sesame’s listing as Hong Kong’s inaugural autonomous driving chipmaker under new Chapter 18C specialist technology rules. SF Holding’s A-to-H logistics sector listing further demonstrated CICC’s pioneering capabilities.
CICC’s strategic advantage lay in bridging mainland Chinese companies to international capital markets precisely when regulatory frameworks evolved. This dual strength – excelling domestically while dominating cross-border execution – established CICC as China’s preeminent equity capital markets franchise during a transformative year.
Best digital bank 2025: China Merchants Bank Asia
China Merchants Bank Asia is shaping the future of China’s banking sector through scale, investment and relentless technological focus. Its digital-first model centres on delivering seamless, secure and innovative services to an expansive retail base.
The bank’s two flagship mobile platforms – the CMB app and CMB Life app – serve 123 million monthly active users. Digital channels now drive 94.8% of wealth transactions, and 99% of customers rely on the app for everyday banking.
To further boost its services, the bank has invested Rmb13.35 billion ($1.86 billion) in IT, funding 4,410 fintech projects. Some 3,793 of these initiatives are already live, supported by more than 9,300 R&D specialists dedicated to refining the customer experience.
Cyber-security was another area of priority for the lender. Its proprietary Libra risk-control platform has cut fraud to 0.1 per 10 million transactions and blocked more than 400,000 suspected fraudulent payments in 2024 – a 25% year-on-year improvement in detection.
Equally robust is the bank’s underlying infrastructure. Cloud services deliver nearly full availability, while intelligent automation across 730 processes has made account opening 58.32% faster.
An open-banking mindset underpins the bank’s recent partnerships with ByteDance, Huawei and other technology leaders, reinforced by industry conferences that showcase the bank’s vision.
Best digital bank for SMEs 2025: China Guangfa Bank
Small and medium-sized enterprises in China increasingly depend on digital banking to run their businesses. China Guangfa Bank has responded with a suite of platforms that streamline everything from daily transactions to cross-border trade.
The bank’s digital service matrix, spanning enterprise online banking, cash-management tools and mobile apps, now routes 99% of corporate transactions through online channels, sharply reducing manual processing. Account-maintenance functions have also been moved online: SMEs can update business licence details or change legal representatives around the clock, cutting paperwork and wait times.
The bank continued to innovate in its product offering. Its newly launched real-time payment-notification tool pushes WeChat and SMS alerts that firms can tailor to their own risk and cash-flow thresholds. On the financing side, new online lending products such Tech E-Loan and Guaranteed E-Loan have lifted SME loan balances by 16.05%, while its Secure PayPass service has delivered Rmb20.4 billion ($2.8 billion) in funding to micro-enterprises.
Cross-border business was another focus. The upgraded Cross-Border Instant Pass platform executes guarantees and remittances instantly and covers more than 80% of overseas-payment scenarios, smoothing global operations for smaller firms. Additionally, the bank’s all-in-one ecosystem, Digital Enterprise Pass, integrates HR, finance and travel management for over 20,000 SMEs, automating reimbursements and payroll.
Finally, the latest iteration of the bank’s cross-border e-commerce platform, GCB Commerce Hub 3.0 offers an advanced service to international players, particularly Amazon sellers, by bundling payments, foreign-exchange and compliance support.
Best securities house 2025: Huatai United Securities
Huatai United Securities navigated China’s harsh investment banking winter with remarkable resilience, securing its position as the nation’s premier securities house despite a significant plunge in IPO and overall fundraising that battered the industry in 2024.
While competitors retreated, Huatai pressed forward with its “entire business chain” strategy – focusing on specific industries, expanding regional coverage, and deepening client relationships. This approach yielded impressive results in equity markets.
The firm sponsored and co-underwrote Longcheer’s Rmb1.56 billion ($217 million) main board IPO, bringing the original design manufacturer for major consumer electronics brands to public markets. As exclusive sponsor and lead underwriter for CSMT’s Rmb1.5 billion STAR Market debut, Huatai championed the agricultural technology innovator’s listing, reinforcing the exchange’s role as China’s high-tech capital hub.
The firm’s bond financing division provided crucial stability, securing third place nationally with Rmb536 billion in lead-underwriting across all bond categories by year-end 2024. Landmark transactions included China Railway’s groundbreaking expressway Reit – the nation’s first state-owned enterprise Reit under consolidated financial statements, achieving the largest asset size, longest tenor, and lowest cost in its class – and Haolebaoji-Ji’an Railway’s pioneering green bond for rural revitalisation.
M&A advisory emerged as Huatai’s crown jewel. The firm topped league tables with four major reorganisation transactions, including Guolian Securities’ restructuring – the first large-scale securities firm merger under China’s new National Nine Articles policy framework. Cross-border expertise shone through deals like Nanjing Develop’s acquisition of oil equipment manufacturer HME Technologies.
Huatai’s international expansion strategy proved prescient as Chinese companies increasingly sought global opportunities. Leveraging its Hong Kong arm, Huatai International, the firm executed high-profile listings including SF Holding’s Hong Kong IPO and Pony.ai’s US debut, cementing its “one customer, one Huatai” philosophy.
Best bank for ESG 2025: Bank of China
Bank of China Limited is embedding sustainability more deeply into its core strategy. Recent disclosures highlight steady progress across environmental, social and governance priorities.
The bank has updated its 14th Five-Year Plan for Green Finance, setting four strategic goals and 10 key indicators. A new 2024 Green Finance Action Programme outlines 45 initiatives to expand green lending, tighten ESG risk controls and move group operations towards carbon neutrality.
Green finance volumes continued to rise. The bank’s mainland China green-credit balance reached Rmb4.07 trillion ($568 billion), up 31.03 % year-on-year, while green-bond investments exceeded Rmb100 billion.
Operationally, 39 major office buildings have achieved carbon neutrality, and total greenhouse-gas emissions fell 23.74% versus the previous year.
Internationally, the bank has arranged more than $372 billion in credit facilities for Belt and Road projects. Its ESG risk framework references International Sustainability Standards Board, International Finance Corporation and Equator Principles guidance, and the bank is an active member of the Taskforce on Nature-related Financial Disclosures.
The bank also demonstrated a strong ESG governance structure. ESG risks are embedded in group-wide management systems, while policies support job creation, labour-law compliance and charitable initiatives. Digital upgrades, including secure IT architecture and in-house carbon-accounting tools, help track and improve ESG performance.
Best bank for sustainable finance 2025: OCBC
Sustainable finance has become a strategic pillar for many institutions in China, and OCBC stands out for turning ambition into tangible progress. The bank’s integrated approach, combining innovative products, strict governance and sector-specific targets, highlights a clear pathway toward greener growth.
OCBC’s portfolio dedicated to sustainable financing has expanded, comfortably exceeding internal milestones well ahead of schedule. A significant share of overall customer lending now channels capital into projects with clear environmental or social benefits.
The bank has taken coordinating roles in landmark green and sustainability-linked syndicated loans across real estate and leasing, positioning itself as a go-to arranger for complex sustainable transactions.
The lender has also adopted a suite of science-based, net-zero financed-emissions targets that cover high-impact industries. Initial results already show measurable reductions in absolute and intensity-based emissions across key sectors.
Robust governance supports execution on the ground. A dedicated sustainability council and steering committee oversee policy implementation, while responsible-financing standards include adherence to the Equator Principles and a halt to funding new coal-fired or upstream oil-and-gas projects after 2021.
Beyond balance-sheet commitments, OCBC contributes actively to China’s green-finance ecosystem, sharing insights at major forums and collaborating on industry initiatives. This holistic engagement underscores its role in steering capital toward sustainable economic development.
Best bank for consumers 2025: China Merchants Bank
China Merchants Bank extended its growth streak over the review period. Solid earnings, a larger balance sheet and deeper digital reach underscored its momentum in China’s consumer banking market.
The bank reported net profit of Rmb148.4 billion ($20.6 billion), up 1.2%, while total assets advanced 10.2% to Rmb12.2 trillion. Customer assets also experienced positive momentum: total loans grew 8.8% and deposits from customers climbed 3.9%.
Retail banking remained the engine of expansion. The number of retail customers rose 6.60% year-on-year to 210 million, with high-net-worth segments up 12.82% and 13.61%.
On the lending side, retail loans increased 6.06%, led by a 31.38% jump in consumer loans. Tight control of non-performing loans reflected disciplined risk management despite rapid growth.
Product innovation and digital engagement also gathered pace. Users of the bank’s TREE Asset Allocation service grew 13.84%, pushing wealth management assets under management up 12.05%. The CMB app and Palm Life app recorded strong monthly active users, while AI-driven features further streamlined customer journeys and risk controls.
Complementing these gains were higher volumes in small-business lending and insurance sales, reinforcing the bank’s broad commitment to serve consumers across channels and product lines.
Best bank for large corporates 2025: Industrial and Commercial Bank of China
Industrial and Commercial Bank of China continued to build on its strong position in the Chinese large corporates space. By combining targeted lending, digital innovation and expanding international reach, the bank is shaping a broad-based strategy to support businesses in the country.
ICBC has channelled additional credit towards manufacturing, green finance and other strategic industries, underlining its focus on sectors that drive long-term economic growth. Complementing this push, the bank has rolled out a suite of tailored financing solutions for small and medium-sized enterprises and innovation-led firms, ensuring that younger companies can access capital on terms that match their development needs.
Digital capabilities have been strengthened through a proprietary financing platform that offers end-to-end online services such as application tracking, guarantees and fund supervision. The system streamlines processes for large corporates, improving transparency while reducing turnaround times.
On the treasury side, ICBC’s integrated management solution gives corporate clients a single window into cash, liquidity and supply-chain activities. By automating key workflows and embedding data-driven analytics, the platform allows finance teams to shift from day-to-day processing toward higher-value strategic oversight.
Relationship management remains a cornerstone of the bank’s approach. Dedicated service teams cover its largest domestic clients, while an enhanced client-acquisition programme is broadening coverage in growth markets.
Internationally, ICBC is deepening support for cross-border expansion. A global relationship-manager network and a schedule of thematic forums help Chinese multinationals, and the smaller suppliers that orbit them, navigate regulation, funding and trade in overseas markets.
Best international bank 2025: HSBC China
HSBC China’s results show how a clear focus on sustainability, technology and targeted expansion can translate into rapid growth and deeper client engagement.
The bank’s strategy links green finance with digital innovation to support customers and strengthen its mainland footprint.
Sustainable finance sits at the core of this approach. HSBC’s Rmb30 billion ($4.12 billion) Green Credit Fund and its $9 billion GBA Sustainability Fund channel capital to projects that help corporate and retail clients advance their ESG goals.
The smooth integration of Citi’s retail wealth management portfolio widened the bank’s affluent customer base, while five next-generation flagship branches extended its presence on the ground. Combined with disciplined cost control, these moves lifted revenue by 3.95 % to $4.078 billion year-over-year.
The bank’s investments in new technology are also bearing fruit. Wealth Management Connect 2.0 simplifies cross-border investment flows, SpeedX accelerates settlements, and Smart Transact streamlines domestic and international payments. AI Markets, DealExpress and Digital Merchant Finance further demonstrate how data-driven tools can cut turnaround times and deepen client engagement.
The bank’s product set now extends to ESG-themed funds and structured deposits, while philanthropic programmes have reached millions across mainland China.
